UNCTAD To Use Jamaica As Case Study On IFRS Implementation

United Nations Conference on Trade And Development (UNCTAD), based in Geneva, has undertaken a project of study of practical implementation issues of International Financial Reporting Standards (IFRS). This is against the background that, increasingly, enterprises and countries around the world are adopting IFRS as their basis for financial reporting.

In 2005, Europe and Australia among many other countries adopted IFRS. Many enterprises and countries regard the adoption of IFRS as a means to improve the quality of information on enterprise performance, reduce cost of capital, increase investor confidence, facilitate consistency and transparency and also to facilitate investment flows and enhance development. Additionally, countries are also seeking to achieve harmonisation between current global developments and their national strategies and policies in the area of financial reporting.

Despite the significant advantages gained, a number of countries have been experiencing challenges in converting to IFRS. Some of the issues include institutional and technical issues and enforcement mechanisms.

The study on IFRS implementation issues is being undertaken by UNCTAD's Inter-governmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which was established by the Economic and Social Council of the United Nations in 1982.

The team has selected Jamaica as one of five countries to participate in its case studies. The case studies will be presented at the 23rd session of ISAR scheduled to take place in Geneva, October 10-12, 2006.

We are proud to have been selected by this august body and are happy for the opportunity to share our experiences through this study.



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